MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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A company collects information about retail prices of history books. During
the year 2000, the mean retail price of all history books was $51.46. This year, for 40 randomly
selected history books, the sample mean is i = $54.89, and the sample standard deviation is
s = $7.61. At 1% significance level, do the data provide sufficient evidence to conclude that
this year's retail price of all history books has increased from the mean ē = $51.46 of the
year 2000? (Solve the problem by stating the null hypothesis and the alternative hypothesis).
Calculate the P-value using the test statistic.
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Transcribed Image Text:A company collects information about retail prices of history books. During the year 2000, the mean retail price of all history books was $51.46. This year, for 40 randomly selected history books, the sample mean is i = $54.89, and the sample standard deviation is s = $7.61. At 1% significance level, do the data provide sufficient evidence to conclude that this year's retail price of all history books has increased from the mean ē = $51.46 of the year 2000? (Solve the problem by stating the null hypothesis and the alternative hypothesis). Calculate the P-value using the test statistic.
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